Savings account

**PENNY BRIGHT** · 10-12-2009, 06:20 PM

Am new to Dave and now on the plan! My bank has been charging me a monthly fee of $5 (BOA). I am looking at transferring my savings to Ally Bank. Can anyone reccommend or not reccommend this bank's savings account?
Thanks!!

**Grainlady** · 10-12-2009, 07:27 PM

You don't say where you are from (Canada, U.S.?), but I'd just call around and find one that suits your needs that's a convenient location. Around here our Credit Unions give better interest rates on savings accounts than banks do, and don't charge a service fee. You might get a better rate if you call it a "Christmas Account". Some banks still do a special deal for them.

I fund a Christmas/Emergency Fund in a "Christmas Account" with $1 Bills and "found" money. The only time I use a $1 bill is for tip money, all the rest are saved and deposited into the bank once a month. I also budget and pay myself to cut my own hair - $20/month, and that is also placed in this account ($240-year). If we have a garage sale, sell aluminum cans, get a refund (what we call "found" money), it's also added. I've never saved less than $600 in dollar bills, and as much as a little over $1,000.

Good luck on your hunt.

**dcompton** · 10-12-2009, 10:11 PM

I've not heard anything bad about it. Or anything at all really. As long as accounts are FDIC insured, it should be ok. I have noticed when I've just when wandering around the internet that they are offering a nice rate now.

I have an online account at HSBC, many here use ING.

There are sites that gives banks ratings. You might google a bit, I'm not sure exactly what, and see if anything like that comes up.

**frugalfranny** · 10-13-2009, 01:45 PM

Not familiar with that one but be sure to call around.

When I recently had to do some banking business I was surprised to find that one of our smaller banks was giving a better rate and they have totally free checking/free checks along with their better rate on savings. Ask about it when you call.

**Kim_Mango** · 10-13-2009, 03:06 PM

I use ING for my savings and CDs. They have a good reputation for very competitive rates. I like that I can link my savings to my Chase bank account. I also like that I can see my savings and CDs all in one place. If you are OK with online banking then it's good, but they don't have any branches.

You can go to Bankrate.com and compare saving rates of different US banks.

**DJ1972** · 10-13-2009, 03:20 PM

We stick to locally owned banks. I don't care for the bigger national banks. Just my personal preference. I like the personal treatment I get from our local bank.